We think the NASDAQ/NDX and all that stuff is still working off of the ugly reversal/selling from this past Thursday. We suspect there is more time and price. Notice the selling today off of another mystery Monday gap to the upside. It does not help the NDX that AMAZON and GOOGLE reacted poorly to earnings. You can see what happens in the near term to over-owned stuff that gets poor reactions to the number. Also, Facebook got the rare “sell” from an analyst this morning. FACEBOOK had a good reaction to the number but is extended in the near term. TESLA also acts poorly as it runs into the 50 day but reports this week. Lastly, watch the SOX 50 day at 1084. The SOX is trading more wide and loose in recent weeks than it has in the past year. Also…chance for an icky, yes icky double top in the SOX.  Bad day so far for beta. Stay tuned.